Deals this week: Relay Medical, IntriCon, Cytosorbents Corporation

3 August 2018 (Last Updated August 3rd, 2018 11:20)

Relay Medical Corp has raised $1.6m through a private placement of seven million units priced at $0.23 a unit.

Relay Medical Corp has raised $1.6m through a private placement of seven million units priced at $0.23 a unit.

Each unit comprises a common share and one-half of a common share purchase warrant. Each whole A warrant allows the holder to buy one additional common share priced at $0.40, while each whole B warrant will allow the holder to purchase an additional common share priced at $0.50 until 27 January 2020.

The company plans to use the proceeds for working capital and other general corporate purposes.

Based in Canada, Relay Medical is a provider of novel medical devices for in-vitro diagnostics and point-of-care testing.

IntriCon Corp plans to issue securities in one or more offerings to raise $125m.

Based in the US, IntriCon is a provider of miniature hearing healthcare and medical devices.

The company intends to issue the securities periodically in any combination of common stock, preferred stock, and warrants.

Cytosorbents Corporation plans to issue securities through a public offering to raise $150m.

The company intends to issue them periodically in any combination of common stock, preferred stock, and warrants.

DLA Piper LLP (US) has been appointed as the legal advisor to Cytosorbents for the offering.

Based in the US, Cytosorbents is an immunotherapy company engaged in the development and commercialisation of medical devices through its blood purification technology platform.

“Merit will grant the underwriters an over-allotment option to purchase 0.52 million additional shares of its common stock priced at $54 a share.”

Cytosorbents plans to use the funds from the offering to support the sales and marketing of its products, and towards clinical development, working capital, and other general corporate purposes.

Snap40 has raised $8m in seed financing from ADV and MMC Ventures.

Based in the UK, Snap40 is a developer of artificial intelligence (AI) enabled wearable devices for healthcare professionals.

Snap40 plans to use the proceeds towards recruiting more professionals across all areas of its business by the end of the year.

Quantel Medical has completed the acquisition of the medical activities of IMV Technologies group’s subsidiary Echo Control Medical (ECM).

Based in France, Quantel Medical is a manufacturer of ultrasound and laser products, while ECM, also based in France, is engaged in the manufacture of medical imaging equipment.

The acquisition will enable the acquirer company to expand its market share in France.

Merit Medical Systems Inc (Merit) has raised $217.35m through an underwritten public offering of 3.5 million shares of its common stock.

Merit will grant the underwriters an over-allotment option to purchase 0.52 million additional shares of its common stock priced at $54 a share.

Parr Brown Gee & Loveless PC has been appointed as the legal advisor to the company for the offering.

Based in the US, Merit manufactures and supplies proprietary disposable devices.

The company plans to use the funds raised from the offering to pay the debts of its existing credit facility.